Hello
I run an Ebay business where I buy and sell collectable items. I also have a private collection of items I have owned for a number of years. I now wish to sell those private collection items as part of my business. I have read that if those private items were purchased by me for less than $500 they are not subject to capital gains tax. Does that mean i dont need to report the sale of those particular items as part of my income for both GST and end of year tax?
Also I dont need to account for them as part of trading stock?
Otherwise, can you please advise the correct treatment of how I should account for those items?
Thank you
29 views
29 views1 replies
1 replies
29 views
1 replies